Gurugram-based bike sharing platform Mobycy may soon raise $3 Mn from Venture Catalysts, IDG Ventures, and Orios Venture Partners.
Akash Gupta, co-founder and CEO of Mobycy, said the company plans to use the funds to foray into e-bikes and e-scooters on its platform, claiming to be the first one in the country to do so.
Founded in 2017 by Akash Gupta and Rashi Agarwal, Mobycy is working on its mission of creating sustainable mobility. The startup enables dockless bicycle sharing and is actively working to change people’s lifestyle through green tech.
“The bicycles are primarily used for last-mile delivery and places at metro stations, apartment complexes etc,” said Gupta.
The company has leveraged advanced technologies such as integrated IoT-based GPRS lock technology, cashless wallet payments, geofencing, machine learning, etc, to provide users with an excellent, healthy, and environment-friendly commuting alternative.
Mobycy App users can simply locate the nearest bicycle, e-bike or scooter, and rent it by unlocking the cycle lock by scanning a digital QR code via its app. Upon completion of the trip, the cycles can be parked anywhere on public pavements, except inside private compounds or gated colonies, etc.